On Off Company Company $86,660 $110,060 124,370 Materials inventory, December 1

Question

On Off Company Company $86,660 $110,060 124,370 Materials inventory, December 1 Materials inventory, December 31 Materials purchased Cost of direct materials used in production Direct labor Factory overhead Total manufacturing costs incurred in December Total manufacturing costs Work in process inventory, December 1 Work in process inventory, December 31 Cost of goods manufactured Finished goods inventory, December 1 Finished goods inventory, December 31 Sales Cost of goods sold Gross profit Operating expenses Net income 220,120 232,250 326,710 101,390 247,640 123,270 (b)712,090 977,330 265,240 826,740 166,390 140,390 705,480 146,460 123,270 153,390 1,277,3701,100,600 712,090 166,390 244,330

Explanation / Answer

Answer 1. Statement of Cost of Goods Manufactured On Company   Off Company Direct Material Material Inventory, Dec 1                                86,660.00                          110,060.00 Material Purchased                             220,120.00                          355,490.00 $465,550 - $110,060 Total Direct Material Available for Prouction                             306,780.00                          465,550.00 $341,180 + $124,370 Less: Material Inventory, Dec 31                           (121,620.00)                        (124,370.00) ($306,780 - $232,250) Cost of Direct Materials Used in Productions                              232,250.00                                              341,180.00 $712,090 - ($247,640 + $123,270) Direct Labor                              326,710.00                                              247,640.00 Factory Overhead                              101,390.00                                              123,270.00 Total Manufacturing Costs incurred in Dec                              660,350.00                                              712,090.00 $977330 - $265,240 Add: WIP Inventory, Dec 1                              166,390.00                                              265,240.00 Total Manufacturing Cost                              826,740.00                                              977,330.00 Less: WIP Inventory, Dec 31                           (140,390.00)                                            (271,850.00) ($977,330 - $705,480) Cost of Goods Manufactured                              686,350.00                                              705,480.00 Statement of Cost of Goods Sold On Company Off Company Finished Goods Inventory, Dec 1                             146,460.00                              123,270.00 Cost of Goods Manufactured                             686,350.00                              705,480.00 Cost of Goods Available for Sale                             832,810.00                              828,750.00 Less: Finished Goods Inventory, Dec 31                           (153,390.00)                           (116,660.00) $828,750 - $712,090 Cost of Goods Sold                             679,420.00                              712,090.00 Income Statement On Company Off Company Sales                          1,277,370.00                          1,100,600.00 Less: Cost of Goods Sold                           (679,420.00)                           (712,090.00) Gross Profit                             597,950.00                              388,510.00 Less: Operating Expenses                           (166,390.00)                           (144,180.00) $388,510 - $244,330 Net Income                             431,560.00                              244,330.00

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